U.S. markets closed high on Friday, mostly due to the October jobs report from the Bureau of Labor Statistics showing employment gains well above analysts' consensus. The S&P 500 ending at 3,066.91, which is another record close. The NASDAQ also posted a record closing of 8,386.4,
Here's how the markets closed Friday:
S&P 500 Index (SPY): +0.97% or +29.34 points
Dow Jones Industrial Average (DIA): +1.11% or +300.31 points
NASDAQ Composite Index (QQQ): +1.13% or +94.04 points
The jobs reported stated that the U.S. economy had added 128,000 jobs for the month of October, which was way above the 85,000 gains that were expected. The unemployment rate increased slightly to 3.6%, which is reflecting a still tight labor market.
The October ISM manufacturing index also released Friday showed more contraction for the sector. Though the reading of 40.3 was above the expected consensus of 48.9, manufacturing is still under the neutral level of 50, which indicates contraction and shows an underlying economic weakness.
On the U.S. and China trade front, the Office of the U.S. Trade Representative stated Friday that the Trade Representative Robert Lighthizer and treasury Secretary Steven Mnuchin held a call with China's Vice Premier Liu He about the trade deal. The statement read that "they made progress in a variety of areas and are in the process of resolving outstanding issues.
In Stock Sector news, all but two sectors saw gains at the end of the week, reflecting the current upswing of the market. The gainers for the day include Energy +2.51%, Industrials +2.21%, Materials +1.45%, Financials +1.42%, Information Technology +1.22%, Communication Services +0.83%, Consumer Discretionary +0.65%, Health Care +0.17%. The losers for the day include Real Estate -0.28%, Utilities -0.21% and Consumer Staples with a neutral change.
In commodity news, oil prices increased today after their consecutive slump this week. West Texas Intermediate soared almost 3.90%, raising price per barrel to $56.23. Brent Crude also saw gains, though not as impressive. The price per barrel increased around 2.45%, making the price around $61.70. Gold also continues a slight increase of 0.11%, making the metal cost just about $1,514 per ounce.
